Diffusion MRI offers the unique opportunity of assessing the structural connections of human brains in vivo. With the advance of diffusion MRI technology, multi-shell imaging methods are becoming increasingly practical for large scale studies and clinical application. In this work, we propose a novel method for the analysis of multi-shell diffusion imaging data by incorporating compartment models into a spherical deconvolution framework for fiber orientation distribution (FOD) reconstruction. For numerical implementation, we develop an adaptively constrained energy minimization approach to efficiently compute the solution. On simulated and real data from Human Connectome Project (HCP), we show that our method not only reconstructs sharp and clean FODs for the modeling of fiber crossings, but also generates reliable estimation of compartment parameters with great potential for clinical research of neurological diseases. In comparisons with publicly available DSI-Studio and BEDPOSTX of FSL, we demonstrate that our method reconstructs sharper FODs with more precise estimation of fiber directions. By applying probabilistic tractography to the FODs computed by our method, we show that more complete reconstruction of the corpus callosum bundle can be achieved. On a clinical, two-shell diffusion imaging data, we also demonstrate the feasibility of our method in analyzing white matter lesions.